XRP and Litecoin (LTC), two of the oldest and most popular cryptocurrencies on the market, have witnessed a record-breaking surge in inflows as investors poured over $1 million into crypto funds focused on these assets.
According to data from CoinShares, a leading provider of digital asset investment products, XRP and LTC saw inflows of $0.4 million and $0.6 million, respectively, in the week ending on Feb. 16, 2024.
The inflows to XRP and LTC come amid a record-breaking fund surge in the crypto market.
According to CoinShares, digital asset investment products saw record weekly inflows of $2.45 billion, with year-to-date inflows reaching an astonishing $5.2 billion. These inflows, together with recent positive price movements, have pushed total assets under management (AuM) to $67 billion, the highest level since December 2021.
Bitcoin received more than 99% of the inflows, although other investors used the chance to add to their short-Bitcoin bets, which received $5.8 million. Ethereum has also benefited, witnessing $21 million in inflows.
Solana's recent outage has had an impact on sentiment, with outflows totaling $1.6 million. Altcoins such as Avalanche, Chainlink and Polygon received $1 million, 0.9 million and $0.9 million, respectively.
XRP and LTC are presently trading at $0.558 and $71.24, with market capitalizations of $30.47 billion and $5.28 billion, respectively. According to CoinMarketCap, XRP and LTC are now the sixth and twentieth largest cryptocurrencies, respectively.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
